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    Luke Horton

    Vice President and Senior Research Analyst at Northland Capital Markets

    Luke Horton is a Vice President and Senior Research Analyst at Northland Capital Markets, specializing in data analytics, advertising technology, and multi-industry research with coverage of companies such as Similarweb, Semrush Holdings, Cardlytics, and American Public Education. He has assigned ratings and price targets to these firms, with performance metrics showing a success rate between 14% and 40% and average returns ranging from -37.88% to -6.6% based on different analyses. Horton began his career prior to joining Northland Capital Markets and currently leads equity research in growth sectors, particularly focusing on small and mid-cap companies. He is registered with FINRA as part of Northland Securities, Inc., evidencing professional compliance and credentials in securities analysis.

    Luke Horton's questions to SIMILARWEB (SMWB) leadership

    Luke Horton's questions to SIMILARWEB (SMWB) leadership • Q2 2025

    Question

    Luke Horton of Northland Capital Markets questioned the pricing strategy for data licensing contracts, the expected future revenue mix from this stream, and the balance between new AI product development and sales execution.

    Answer

    Co-Founder & CEO Or Offer stated that data licensing deals are large, typically starting in the seven-figure range, with significant expansion potential. He noted strong demand across all three AI offerings, not just data licensing. Offer also explained that the strategy is combined, with AI agents being integrated into existing solutions to increase stickiness and value.

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    Luke Horton's questions to LINCOLN EDUCATIONAL SERVICES (LINC) leadership

    Luke Horton's questions to LINCOLN EDUCATIONAL SERVICES (LINC) leadership • Q2 2025

    Question

    Luke Horton of Northland Capital Markets questioned which programs were driving the strong student starts, especially at the East Point campus, and inquired about the planned program mix for future new campuses.

    Answer

    CEO Scott Shaw responded that at the East Point campus, all four programs—automotive, HVAC, electrical, and welding—are performing strongly. He confirmed that the strategy for the two new campuses planned per year is to replicate this successful model, combining automotive programs with skilled trades, as market research indicates strong demand for this mix.

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    Luke Horton's questions to AMERICAN PUBLIC EDUCATION (APEI) leadership

    Luke Horton's questions to AMERICAN PUBLIC EDUCATION (APEI) leadership • Q2 2025

    Question

    Luke Horton of Northland Capital Markets sought clarification on the full-year revenue guidance, asking if maintaining it despite the Graduate School USA divestiture constituted an effective guidance raise for the core business. He also asked for an update on the institutional consolidation timeline and its expected impact on marketing strategy.

    Answer

    CEO Angela Selden confirmed that maintaining revenue guidance while excluding five months of Graduate School revenue is effectively an increase for the core business. Regarding consolidation, she stated they are awaiting a final timeline from the Department of Education. The new structure will enable broader marketing through a system-level landing page while retaining local brands like Rasmussen and Hondros for targeted marketing. CFO Richard Sunderland added that while marketing is a shared service, lead sharing will be a new benefit.

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    Luke Horton's questions to SEMrush Holdings (SEMR) leadership

    Luke Horton's questions to SEMrush Holdings (SEMR) leadership • Q2 2025

    Question

    Luke Horton inquired about the new AI and Enterprise product pipeline, specifically asking for the mix of existing versus new customers driving the growth to a projected $50M ARR. He also asked for an update on the competitive landscape and any notable geographic performance trends.

    Answer

    CEO Bill Wagner stated that the enterprise customer mix remains consistent with the previous quarter, with approximately 60% being upgrades and 40% new customers. He confirmed no significant changes in the competitive landscape. Wagner also noted that the geographic revenue split remains stable at roughly 50/50 between the U.S. and the rest of the world.

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    Luke Horton's questions to LendingTree (TREE) leadership

    Luke Horton's questions to LendingTree (TREE) leadership • Q2 2025

    Question

    Luke Horton asked for details on the assumptions and segment-level trends behind the company's raised financial guidance, including any macro factors and performance in July.

    Answer

    CFO Jason Bengel provided a segment-by-segment breakdown of the updated outlook. The guidance assumes no change in interest rates. Key drivers include continued strength in home equity, stable performance in the consumer segment with encouraging signs from lenders, and a significant expected step-up in the insurance business in Q3, a trend already visible in July's results. Overall expenses are expected to remain consistent with Q2 levels.

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